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Australian shares have reached fresh all-time highs for a fourth consecutive day following the signing of a trade deal between the US and China earlier this week.

The benchmark &P/ASX200 index hit an all-time intraday high of 7,088.1 points, finishing Friday up 22.3 points, or 0.32 per cent, to an all-time closing high of 7,064.1 points.

The broader All Ordinaries gained 21.7 points, or 0.3 per cent, to finish at an all-time high of 7,180.3 points.

The ASX200 finished the week up 1.95 per cent, and is up 5.69 per cent so far this year, having lost ground for only two of the 12 trading sessions in 2020.

The Australian dollar meanwhile was buying 68.96 US cents, down from 69.05 US cents at Thursday’s close.